Bitcoin continued its decline today (14th), falling below $22,000 in the morning to $21,391, down 16.5% in the past 24 hours, hitting its lowest level since December 2020, and the cryptocurrency market further fell into bear market territory. Some analysts believe that short-term market conditions do not look promising, with Bitcoin possibly falling to $8,000 in a worst-case scenario.
Meanwhile, Ether fell nearly 17% to $1,121; Binance Coin (BNB) fell 12.8% to $209; Cardano (ADA) fell 4.6% to $0.44; Ripple (XRP) fell 10.3% to $0.29; Solana (SOL) fell 8.6% to $26.51.
The weak Bitcoin market has triggered a chain effect, which has caused many altcoins and DeFi tokens to fall into a violent correction. According to CoinGecko data, the overall cryptocurrency market value fell to $94.2 billion, falling below the $1 trillion mark this morning.
Currently, Bitcoin has fallen below its Realized Price, indicating that Bitcoin is severely oversold, which may mean that Bitcoin is getting closer and closer to the bottom.
An analyst who goes by the pseudonym Whalemap has put forward insights on this and believes that Bitcoin may fall further next. Whalemap has published the following chart, showing that Bitcoin’s previously established support levels may now turn into resistance levels.
Whalemap noted that Bitcoin has fallen below key selling price support and they could act as new resistance. $13,331 is the ultimate, most painful bottom.
Another analyst, Francis Hunt, believes that Bitcoin could fall to the low $8,000s before it really hits the bottom.
Francis Hunt noted that the takeover point is $17,000 to $18,000. This $15,000 is a sudden head-and-shoulders top that would be a very bad downturn, the $12,000 bearish target is not that strong, and further declines to $8,000 to $10,000 are possible.
But there is no better substitute for Bitcoin in the market, so there will be a rebound after the market environment changes in the future. Therefore, if there is no financial pressure for bitcoin miners who use mining machines to mine, it is recommended to keep the bitcoin assets in their hands and sell them after the market recovers, to maximize their profits.
Post time: Jul-29-2022